Mortgage Applications Rose 8.2% Last Week: MBA

Mortgage applications rose last week, with refinancings surpassing 64% of all applications, according to the Mortgage Bankers Association.

The volume of all mortgage loan applications rose 8.2% on a seasonally adjusted basis, for the week ending Feb. 12, compared to the previous week, according to the MBA's Market Composite Index. The refinance index rose 16%, while the purchase index fell 4%.

As a share of overall mortgage activity, refinance rose to 64.3% from 61.2%. The adjustable-rate share rose to 6.7%.

The FHA share fell to 11.5%, the VA mortgage share rose to 11.7% and the USDA share was unchanged at 0.6%.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) fell to 3.83%. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances fell to 3.74%. FHA fixed-rate 30-year mortgages fell to 3.67%.